Jubilee Metals copper output rebound accelerates on Zambia upgrades

Jubilee Metals

Jubilee Metals copper output rebound is gaining traction at the start of its 2026 financial year. The miner reported a 65.5% quarter-on-quarter jump in copper unit production to 938 tonnes in the first quarter. Therefore, Jubilee Metals copper output rebound signals that its multi-year investment cycle is starting to pay off.

Jubilee Metals copper output rebound follows a difficult 2025 investment phase. Copper production fell 35.4% to 2,211 tonnes in the year ended June 2025. Meanwhile, the company completed upgrades at its Roan concentrator and advanced development at the Molefe mine.

Roan and Molefe deliver early operational leverage

Roan concentrator stability is driving most of the near-term uplift. The plant is running at its targeted feed rate of 30,000 tonnes per month. However, Jubilee can lift throughput to 45,000 tonnes per month after the rainy season ends.

Molefe is also increasing feed into the group’s downstream system. Pit 2 construction is complete, and operations started in the first quarter of FY2026. Meanwhile, deliveries of high-grade run-of-mine material to the Sable refinery stepped up from 3,500 to 4,500 tonnes per month during November.

Jubilee is targeting 8,500 tonnes per month from the third quarter of FY2026. Therefore, execution through the rainy season will shape whether the company reaches the upper end of guidance. The company also reported no material power outages in the quarter after adding a private power purchase agreement for Roan and Sable.

Guidance reset highlights copper upside and portfolio reshaping

Jubilee set FY2026 copper unit production guidance at 4,500–5,100 tonnes. This would more than double output versus FY2025. As a result, the group is positioning Zambia copper production as a larger earnings driver.

Recent financials show why the ramp-up matters. Copper revenue fell 17.9% to $15.2mn in FY2025, and copper earnings swung to a $5.2mn loss. However, the higher run rate should improve fixed-cost absorption if throughput stays stable.

Jubilee is also moving to sell its South African chrome and PGM operations. The South African Competition Tribunal approved the disposal on 14 November. The transaction is expected to complete by the end of December 2025, while Zambia becomes the core growth focus.

The Metalnomist Commentary

This rebound looks operational, not purely price-driven, because feed and uptime improved. However, the rainy season remains the real stress test for concentrator consistency. If power stability holds, Jubilee can convert throughput gains into margin recovery.